Nigerian fintech unicorn Moniepoint has cemented its entry into Europe through the acquisition of Bancom Europe Ltd, a Financial Conduct Authority (FCA)-regulated e-money institution, marking a pivotal step in its Moniepoint UK expansion strategy. According to the company’s latest financial filings, the deal—finalized in July 2025—was executed via Moniepoint GB Ltd, a UK subsidiary established specifically for the transaction. By acquiring an existing licensed entity, Moniepoint bypassed the lengthy process of securing its own e-money licence, gaining immediate regulatory approval to operate in one of the world’s most competitive financial markets.
The move positions Moniepoint to target the high-volume UK-Nigeria remittance corridor, valued at over £2 billion annually, while laying the groundwork for broader pan-European services. However, the strategic leap comes with significant upfront costs: Moniepoint GB Ltd reported a loss of $1.26 million in 2024 despite generating zero revenue, underscoring the financial burden of building a regulated presence from scratch.
The financial statements reveal that the losses stemmed entirely from administrative and setup expenses during the pre-launch phase. Key expenditures included salaries for a newly hired 10-person team and over $300,000 in legal and professional fees. These investments were described as necessary “to establish systems, compliance frameworks, and infrastructure” required under FCA standards.
Since its incorporation in August 2022, Moniepoint’s UK arm has operated without commercial income, accumulating approximately $2.7 million in total losses over 17 months. Despite this, the company’s directors—including founder Tosin Eniolorunda and executive Felix Ike—stated in the filings that the performance was “in line with expectations for a start-up operation.” They remain confident about achieving profitability in the coming years as the platform launches services and scales user adoption.
The viability of the Moniepoint UK expansion hinges entirely on support from its U.S.-based parent, Moniepoint Inc. An auditor’s report confirms that Moniepoint GB Ltd is not currently self-sustaining and depends on external funding to continue as a going concern. To date, the parent company has committed $7.4 million in share capital to the UK subsidiary. A formal letter of support filed with regulators guarantees continued financial backing “for the foreseeable future,” ensuring operational continuity during the ramp-up phase.
This deep-pocketed commitment reflects Moniepoint’s long-term ambition to become a global payments enabler. In Nigeria, the company dominates as the largest merchant payment platform, processing over $17 billion in transactions monthly. Its $110 million Series C raise in late 2023 was explicitly earmarked for international growth, with Eniolorunda stating the goal was to “empower Africans worldwide.”
The push into the UK coincides with increasing regulatory pressure at home. Nigeria’s central bank has recently imposed new transaction limits and geo-tagging requirements on Point of Sale (PoS) agents—core to Moniepoint’s agent banking model—as part of its cashless economy agenda. Combined with macroeconomic volatility, these changes have created headwinds for domestic operations, making geographic diversification a strategic imperative.
By establishing a regulated foothold in London—a global fintech hub with a large Nigerian diaspora—Moniepoint is testing whether its African-first, agent-driven model can be adapted to a mature, digitally advanced market. While the initial costs are steep, the acquisition of Bancom provides more than just a licence: it offers credibility, compliance readiness, and a springboard for future product rollouts, including cross-border payments, digital wallets, and SME banking solutions.
As Africa’s fintech leaders increasingly look beyond continental borders, Moniepoint’s UK expansion serves as a case study in how local dominance can fuel global ambition—even when the early chapters are written in red ink.
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